Monitor enrollment completion in ALSTARS Phase 2 trial (targeted 2H 2026) and initiation of Phase 2 FTD study as key catalysts. The $43.2M cash runway removes near-term financing risk but the binary ALSTARS topline readout in Q1 2027 remains the primary value driver.
Price Chart
Executive Summary
Coya Therapeutics reported Q2 2026 financial results with a net loss of $6.6M ($-0.28/share) vs $6.1M ($-0.36/share) in Q2 2025. The company highlighted continued enrollment progress in the ALSTARS Phase 2 ALS trial and FDA Fast Track designation for COYA 302, with cash runway of $43.2M sufficient into H2 2027. As a pre-revenue clinical-stage biotech, the quarter showed no material revenue or earnings surprise — the stock will trade on pipeline execution milestones, not quarterly financials.
Key Financial Metrics
Key Facts
- Net loss of $6.6M for Q2 2026 vs $6.1M in Q2 2025
- Cash and cash equivalents of $43.2M as of June 30, 2026, sufficient past ALSTARS topline readout into H2 2027
- First cohort of patients progressed into 24-week blinded active treatment extension phase in ALSTARS Phase 2 ALS trial
- FDA Fast Track Designation received for COYA 302 for ALS
- Collaboration revenue of $0.2M from DRL agreement, unchanged YoY
- R&D expenses increased $1.3M to $5.0M driven by ALSTARS trial advancement
- Weighted-average shares outstanding increased to 23.5M from 16.7M YoY due to equity offerings
Financial Impact
No material financial impact — pre-revenue clinical-stage company with $43.2M cash burn rate of ~$6.6M/quarter
Risk Factors
- ALSTARS Phase 2 trial failure or delayed enrollment
- Cash burn may require additional financing if milestones slip beyond H2 2027
- No approved products or recurring revenue stream
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-343473 |
| Document: coya-20260811.htm | 0001193125-26-343473 |
| Document: 0001193125-26-343473-index-headers.html | 0001193125-26-343473 |
| Document: 0001193125-26-343473-index.html | 0001193125-26-343473 |
| Document: 0001193125-26-343473.txt | 0001193125-26-343473 |
| 8-K Data (Synthetic) | 0001193125-26-343473 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | 8-K | $4.18 | awaiting T+20 | — | $3.95 (−5.50%) |
Oct 5, 2026 22d ago | 8-K | $4.85 | awaiting T+20 | — | $3.95 (−18.56%) |
Sep 15, 2026 6w ago | 8-K | $4.65 $4.48 | ▼ −3.76% | ▼ −6.74% | $3.95 (−15.05%) |
Aug 11, 2026 11w ago | 8-K | $4.80 $4.61 | ▼ −3.96% | ▼ −2.90% | $3.95 (−17.71%) |
May 12, 2026 23w ago | 8-K | $4.29 $4.41 | ▲ +2.80% | ▲ +4.52% | $3.95 (−7.93%) |
Apr 2, 2026 29w ago | 8-K | $4.01 $4.23 | ▲ +5.49% | ▼ −4.39% | $3.95 (−1.50%) |
Mar 23, 2026 31w ago | EFFECT | $4.22 $4.53 | ▲ +7.35% | ▼ −0.07% | $3.95 (−6.40%) |
Mar 16, 2026 32w ago | S-3 | $4.50 $4.46 | ▼ −0.89% | ▼ −4.67% | $3.95 (−12.22%) |
US Market Status
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